DFX Intelligence
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Borrower
V•• I••••••••• H•••••••• I••
Also written as: VertexOne
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 101¢ · 100¢ · 101¢ · 101¢Q2 2025 to Q2 2026
Where each lender marks it, 6 points apart
100¢106¢
Principal held
at least $55.0M
sum of BDC pieces, a lower bound
Fair value
$54.7M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Sep 24, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
11
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| R••••• G••••• F•••••• C•••• | $42.6M | 100¢ | +1 pts |
| B•• I••••••••• C••• | $12.5M | 105¢ | 0 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| R••••• G••••• F•••••• C•••• | term loan first lien Investment T••• S••••• S•••••• I••••••• R••• S•••+7.00% 8.00%floor P•••.00% ETP A••••••••• | $35.5M | $35.5M 100c | SOFR+700 bp PIK 4.00% |
| B•• I••••••••• C••• | term loan first lien F•••• L•••/S••••• S•••••• D••• I••••••• R••• 10.92% R•••••••• R••• and S••••• S••• + 7.00% | $10.4M | $10.4M 106c | SOFR+700 bp PIK 1.00% |
| R••••• G••••• F•••••• C•••• | term loan second lien Investment T••• S••••• L••• I••••••• R••• F•••• 12.50% PIK, 33.50% ETP I•••••• A••••••••• | $7.1M | $6.8M 100c | PIK 12.50% |
| B•• I••••••••• C••• | term loan second lien S••••• L•••/S••••• S•••••• D••• I••••••• R••• 12.50% PIK M••••••• 12/12/30 | $2.1M | $2.0M 104c | PIK 12.50% |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $45.9M | 101c | SOFR+700 bp PIK 4.00% | Dec 12, 2029 | 2 |
| second lien term loan second lien | at least $9.1M | 101c | PIK 12.50% | Dec 12, 2030 | 2 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 2 | $55.0M | $54.7M | 101c | 4 |
| Mar 31, 2026 | 2 | $54.7M | $53.9M | 100c | 4 |
| Dec 31, 2025 | 2 | $89.6M | $88.5M | 100c | 5 |
| Sep 30, 2025 | 2 | $53.9M | $53.1M | 101c | 4 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $47.5M | $47.0M | 100c | 4 |
| Mar 31, 2025 | 3 | $53.1M | $52.5M | 100c | 5 |
| Dec 31, 2024 | 3 | $59.0M | $57.8M | 99c | 7 |
| Sep 30, 2024 | 1 | $91.1M | $89.3M | 97c | 0 |
| Jun 30, 2024 | 1 | $90.0M | $89.6M | 98c | 0 |
| Mar 31, 2024 | 1 | $89.0M | $88.5M | 98c | 0 |
| Dec 31, 2023 | 1 | $88.0M | $87.8M | 99c | 0 |
| Sep 30, 2023 | 1 | $86.9M | $86.7M | 99c | 0 |
| Jun 30, 2023 | 1 | $85.9M | $85.4M | 99c | 0 |
| Mar 31, 2023 | 1 | $85.0M | $84.5M | 99c | 0 |
| Dec 31, 2022 | 1 | $255M | $255M | 100c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
Full timeline · 21 eventsShow fewer
- Spread changed (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Spread increasedSep 30, 2025
- Maturity shortened (observed)Sep 30, 2025
- PIK interest increasedJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- PIK interest increasedJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Spread increasedMar 31, 2025
- PIK interest appearsMar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
Possible relationship, not established: D•• C•••••• M••••••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- D•• C•••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimateddfwcapital.com"••• Locked"
Identity
- Group key
- VTX INTERMEDIATE HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Application Softwarereportedas one filer wrote it